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Highland housing boost

September 08 2010
Housing association secures loan to build more than 400 affordable homes

A housing association in the Highlands has secured a £40 million bank loan to build more than 400 affordable houses over the next three years.

Albyn Housing Society has earmarked the funds to develop new flats and houses at low-cost rent and reduce the huge number of people on the housing waiting list.

Around 2,000 people are declared homeless in the Highlands each year, and recent figures reveal that there are over 10,000 applicants who need new homes.

Calum Macaulay, Chief Executive of Albyn Housing, announced the deal: "We have been working with The Royal Bank of Scotland to renegotiate our current facility and secure additional development funding to enable us to help address the demand for affordable housing in the Highlands.

We are committed to the development of low-cost, energy-efficient homes in communities around the region, and to supporting and maintaining healthy communities."

Albyn Housing owns over 2,500 homes for low-cost rent in the Highlands, which is around 25 per cent of the region's affordable housing. The local council's housing chair, Margaret Davidson, supported the new funding:

"Our housing need is huge and Albyn is a big player. They have done well to get this deal with RBS. We all know that the banks haven't had a loose purse string with anything to do with housing."